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24. The BLS defines a job quit as "voluntary separation initiated by an employee." The BLS...

24. The BLS defines a job quit as "voluntary separation initiated by an employee." The BLS estimated that there were 3.1 million job quits in March 2017.

a) (5 points) How would you classify unemployment caused by an increase job quits (Structural, Frictional, or Cyclical)?

b) Would an increase in the number of job quits suggest that it was becoming easier or more difficult for people to find jobs? Explain.

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Answer #1

We can classify the unemployment that is existing due to increase in the number of job quits as a frictional one because the worker is voluntarily switching between different jobs and is herself quitting the job in order to find a better one. Note that frictionally unemployed workers are those who are looking for a job but are not getting it due to market frictions where job credentials and vacancies are not matching.

An increase in number of job quits suggests that it has now become easier to find jobs because workers are hoping for better jobs and with this aim they are quitting the current jobs quite frequently.

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